Embattled Vatican bank chief ousted after no-confidence vote

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The Vatican says the head of its bank, who is being investigated in a money laundering case, has been ousted after receiving a unanimous vote of no-confidence from bank overseers.

Ettore Gotti Tedeschi has been a polarizing figure in the Vatican ever since he was named president of the Institute for Religious Works, known as the IOR, in 2009.

He is currently being investigated on suspicion of money laundering.

In a statement Thursday, the Holy See said the vote was taken because of Tedeschi's failure to fulfill the "primary functions of his office."

It said it hoped to find a new president who will "rebuild relationships with the institute and the financial community based on mutual respect based on internationally accepted banking standards."